Refer to Figure 18-1. The French fall in love with California wines and triple their purchases of this beverage. Assuming all else remains constant, this would be represented as a movement from
A) B to C. B) C to D. C) A to B. D) A to D. E) B to A.
C
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If a shift in the demand curve that raises the price of oranges from $7 to $9 a bushel increases the quantity of oranges supplied from 4,000 bushels to 6,000 bushels, the
A) supply of oranges is elastic. B) supply of oranges is inelastic. C) demand for oranges is elastic. D) demand for oranges is inelastic.
Refer to Figure 14.1. Other things equal, an increase in the inflation rate is best represented as a movement from
A) point A to point B. B) point C to point A. C) point C to point B. D) point B to point C.
In the price-leadership model,
a. firms believe that price increases result in a very elastic demand, while price decreases result in an inelastic demand for their product. b. each firm acts as a price taker. c. one dominant firm takes the reactions of all other firms into account in its output and pricing decisions. d. firms coordinate their decisions to act as multiplant monopolies.
Stock options as a form of payment are designed to:
A. evade the equal-pay-for-equal-work provisions of the federal antidiscrimination law. B. boost the overall earnings of minimum-wage workers. C. offset monopsony. D. address the principal-agent problem.